Savannah morning news. [volume] (Savannah) 1868-1887, 1887-02-13
Sprriai 3toitrrn.
THE SAVANNAH FIRE AND MA.
RINE INSURANCE COMPANY.

Assembly of Georgia, Approved
Aug. "a, 1SS1-see Georgia Laws
1SSO-1SS1, Pages POI to 205.
The Savannah Fire and Marine Insurance
Company was Incorporated under special
charter. The following is an epltome OF the
charter:
SECTION l. BY this section Abram Minis,
John Flannery, X. ii. FOotman, X. A. We'll,
S. P. Hamilton, William Garrard. j. III. Estill
and their associates are declared ipcorpo-
rated under the above name, and the usual
corporate powers are gwen, the corporation
to have its principal Office IN Savannah, Ga.
SEC. 2. Fixes the ca ital stock at $500, 900.
divided into shares of $50 each, with liberty Of
increasing the same at any time. to any sum
not exceeding $1,000. 600, the corporation to
commence business as soon as 500, 900 of SAID
capital is paid in to The Commissioners OF
subscription, as provided for in the next sec
ton.
SEC. 8. This section constitutes the incor-
poratOrs, Commissioners to open books of
subscription, and authorizes them to receive
subscriptions to an amount not exceeding in
the whole S2OO,OUO, in shares OF $50 each,
whereof SO per cent. shall be paid to the said
Commissioners at the time of said subsCrlp-
ton, and. in the option of any subscriber,
the whole of his subscription may be paid in &.
SEC. 4. This section provides that SAID
Com m issioners, when they shall have receiv-
ed subscriptions to the SAID extent OF 100000
and the sum of $1,000 in cash paid in on &C
count t0SfeOI, snail cause ~ DAYS nOJlCe 10 DC
given calling together the subscribers for or
ganization, and the election OF the Board of
Directors. No person Is eligible as director
unless ne owns S5 shares or more OF the stock.
After the election OF said Board of Directors,
the Commissioners are required to deliver over
to them the subscription books, memOran-
dunn of their actings and doings, and the
$780, coo cash subscription, WhereupOn the
functions of said Comm ssioners cease.
SEC. 5. Relates to the term of Office of the
Directors, the election of President and Vice
President, by said Board, and gives to the
said Board the power to fill vacancies there
in.
SEC. 6. Relates to the Board of Directors, the
quorum thereof, the powers Of the same. CIV
ing TO the said Board all corporate powers
conferred by this charter. subject to the right
OF stock holders in convention, to limit or reg
ulate the discretionary power OF the said
Board, etc.
SEC. Z. Requires certificates of stock shall
be Issued to stOcKh0lder, and declares that
no transfer or assignment Of stock shall ope-
rate to release any holder from any oblIga-
ton to the said corporation without the con-
sent of the Board OF Directors.
SEC. s. Relates to the mode of enforcing
stock subscriptions when instalments are
called for by the Board of Directors.
SEC. 9. Permits stockholders owning one
third OF the capital stock at any time, by Civ
ing twenty days notice, 10 call together
stockholders ia meeting, etc.
SEC. 10. That SAID corporation shall
have authority to insure against losses by fire
mixed or chooses in action, and any ri yht,
title, interest or estate in the said property /;
also, az alnst all the hazards of ocean or in
land navigation and transportation of every
kind, for such premiums as ittmay determine;
and said corporation shall be liable to make
good and pay to the several persons who may
insure in the same for the losses they
NAV sustain in accordance only with
the terms of the contract or policy
issued by said corporation: and no
policy or other contract of SAID com
pany shall be binding except it be signed by
he President, or Wee President, and Secre b
tary of the same; and the said corporation
sh all have power to borrow money. to give
such securities therefor as may be considered
best to invest Its moneys and transfer lite
property at pleasure. u do all acts it NAV
deem advisable for the safe keeping and the
secure and profitable Investment OF its funds
TO make reinsurance OF any risks that NAV be
taken by it, to give to the holders of the poll
ces of said corporation, the right to partici-
pate in the net profits OF the company to such
extent, in such manner and upon such
terms as it. through its Board of Directors,
may seem proper. and generally to do all acts
and things usually done in carving on the
business of fire and marine insurance, and TO
exercise a Of the powers incident TO insur-
ance corporations.
SEC. ii. That said company shall have the
right TO establish agencies IN this or any other
State.
SEC. u. That said corporation shall be re-
sponsible to ts creditors 10 the extent of its
property and assets; and the stockholders
shall be individual Y liable only to the extent
OF the stock subscribed for by them which
has not been paid up In cash.
SEC. IL. That this charter ali he of force
and effect for the term of fifty 800 years, with
the privilege of renewal at the expiration Of
said time.
SEC. II. That all laws and parts of laws In
conflict with this act be and tho same arc
hereby repealed
In pursuance of the powers vested in the
Commissioners, and after due publication as
required by the charter, they have opened
books of suDscr ptiOn, and one half the stock,
namely, 1000 shares, have been subscribed.
II Is proposed TO CANVASS the city Of SaVan-
nah, to get the remainder of the stock TAKEN
during the week beginning on the 1Ith INST.
IL Is to the interest of the corpora ion that
stock shall be taken by as many persons as
possible. IL rs proposed, as soon as the cOrpO-
ration is organized. that the Directors call IN
the other 81 per cent. of the stock as soon as
possible, so that the corporation may start
with cash capital Of $500 900. IL is not pro-
posed to do any other business except in-u-
rance against fire. Persons wishing to sub
scribe 10 this desirable stock can do so by
communicating with any OF sad Commits
sioners. or by applying NJ the Office OF Herman
a. KaytOn, No, l89 Bay street, tins city, where
the books of subscription are open.
WILLIAM GARRARD,
Chairman OF Commissioners.
L. KAYToN,
Treasurer of Commissioners.